Founded in 1909 by a consortium of Boston banks to train its personnel, the American Institute of Banking (AIB) was incorporated by the Commonwealth of Massachusetts in 1914. AIB received its degree-granting authority in 1979 from the Board of Regents of Higher Education in Massachusetts to offer an Associate's Degree of Business Administration.
In 1985, AIB became the only bank-sponsored educational institution in America to be accredited as a degree-granting college, receiving full college accreditation from the New England Commission of Higher Education. In 1988, the member banks associated with AIB expanded throughout New England and later voted to change the name to New England Banking Institute.
Following the adoption of the name New England Banking Institute (NEBI), the school received official licensure from the State of Connecticut Department of Higher Education in 1990. Connecticut was the first state outside of Massachusetts to recognize NEBI as a degree-granting college. Rhode Island approved NEBI in 1993, while New Hampshire recognized the College in 1997.
In 1998, NEBI became New England College of Finance (NECF). The name change was associated with a major strategic initiative. The landscape of financial services was changing, and the Board of Trustees and members voted to expand NECF's market, mission, products and membership to include all financial services, with particular emphasis on banking, insurance and investment management. The College added new programs to address segments of the industry. In 2002, NECF selected the Alfred P. Sloan Foundation as a partner to deliver its degree programs online. The first online degree programs were delivered through NECF Online.
In 2004, University of California, Berkeley adopted NECF's finance curriculum to include in their post-baccalaureate online certificate program for college graduates in banking and investment management sectors. The "Accelerated Program in Financial Services" was launched in April 2004. UC Berkeley credits were transferred into master's programs at prominent NECF partner colleges.
In 2008, NECF changed its name to New England College of Business and was also granted degree elevation authority. In 2009, New England College of Business introduced its Bachelor of Science in Business Administration (BSBA), a Master of Science in Finance (MSF) and the nation's first Master of Science in Business Ethics and Compliance (MBEC).
In 2011, New England College of Business introduced its Master of Business Administration (MBA) program. Since 2011, the College has introduced two additional graduate programs: Master of Human Resource Management (MHRM) and Master of Healthcare Management (MHM).
Two additional undergraduate programs have also begun during that time period: Bachelor of Science in Digital Marketing (BSDM) and Bachelor of Science in International Business (BSIB).
New England College of Business also offers two professional undergraduate certificate programs: the Basic Accounting Certificate and the Intermediate Accounting Certificate.